A company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company's records under this system reveal the following inventory layers at the beginning of 2024 (listed in chronological order of acquisition)

12500 units @ $20- $250,000

17,500 units @25- 437,500

Beginning Inventory- 687500

During 2024, 35,000 units were purcashed for $30 per unit. Due to unexpected demand for the company's product, 2024 sales totaled $43,000 units at various prices, leaving 22,000 units in ending inventory.

Required:

1. Calculate the amount to report for cost of goods sold for 2024.
2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2024 financial statements. Assume an income tax rate at 25%.
3. If the company decided to purchase an additional 8,000 units at $30 per unit at the end of the year, how much income tax currently payable would be saved?

1. Cost of goods sold- $
2. LIFO liquidation profit- $
3. Income tax payable- $

Please explain- thank you!!